DateActivitiesJanuary 1February 10March 13March 15Units Acquired at Cost@ $45.00 per unit@ $42.00 per unit@ $27.00 per unitUnits Sold at RetailBeginning inventoryPurchasePurchaseSalesPurchase645 units490 units245 units980 units@ $75.00 per unitAugust 21September 5September 10 Sales145 units545 units@$50.00 per unit@ $46.00 per unitPurchase690 units@ $75.00 per unitTotals2.070 units1,670 unitsRequired:1. Compute cost of goods available for sale and the number of units available for sale.Cost of goods available for salecesNumber of units available for saleunits2. Compute the number of units in ending inventory.Ending inventoryunits

Answered: Réquired: 1. Compute cost of goods…

Business

Accounting

Réquired: 1. Compute cost of goods available for sale and the number of units available for sale.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Date
Activities
January 1
February 10
March 13
March 15
Units Acquired at Cost
@ $45.00 per unit
@ $42.00 per unit
@ $27.00 per unit
Units Sold at Retail
Beginning inventory
Purchase
Purchase
Sales
Purchase
645 units
490 units
245 units
980 units
@ $75.00 per unit
August 21
September 5
September 10 Sales
145 units
545 units
@$50.00 per unit
@ $46.00 per unit
Purchase
690 units
@ $75.00 per unit
Totals
2.070 units
1,670 units
Required:
1. Compute cost of goods available for sale and the number of units available for sale.
Cost of goods available for sale
ces
Number of units available for sale
units
2. Compute the number of units in ending inventory.
Ending inventory
units

Expert Solution

Context:

Inventory: Inventory means to stock it may be raw materials, work-in-process or finished goods

Goods available for sale: it is the total of finished goods that can be sold.

Ending inventory: it is the total of inventory that are unsold in the period.

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